Eidesvik Offshore — known for offshore service vessels powered by fuel cell and liequefied natural gas, or LNG — has cited a savings in fuel in posting stronger turnover and operating results on Tuesday.

Company net income reached 198.7 million kroner ($32.4 million), smashing a 12-million-loss from a year ago despite the 21-million kroner hit taken when key client Scan Geophysical went bankrupt.

With new-build ships starting work, company operating income soared 50 million kroner ($8.15 million) over second-quarter a year ago and reached 273 million kroner ($44.5 million).

Management cited a commitment to long-term constracts for having steadied earnings through credit crunch, lost business and uncertain times.

The company also took on the LNG-propelled Viking Lady in the quarter, and the ship is serving Total under a three-year contract. The ship is also clear for the installation of a fuel cell.

But the company has seen delivery dates for two seismic vessels to put-off to 2010 and 2011.

Tags: Eidesvik Offshore